Eddie Obeid takes stand at latest ICAC inquiry

Eddie Obeid has dismissed the latest ICAC hearings as part of a political witch hunt.

AAP: Dean Lewins

Former New South Wales Labor minister Eddie Obeid has taken the stand to respond to more allegations before the state's corruption watchdog.

The public gallery was packed this morning for Mr Obeid's fifth turn in the Independent Commission Against Corruption witness box.

Mr Obeid was there to be questioned over the ICAC's latest probe into his affairs about Circular Quay cafe leases, generous water licences for his family farm and about the company Direct Health Solutions.

As he walked into the ICAC this morning Mr Obeid seemed in a cheery mood.

"Wonderful... Very very confident," Mr Obeid replied when asked by reporters how he was feeling.

"Do you deserve to be called honourable still? Are you happy with the title, honourable, Eddie?" one reporter then asked.

"Grow up," the former MP replied.

The ICAC has heard that in 2005, two months after he handed then treasurer Michael Costa a letter, Mr Costa arranged a meeting with the company.

Mr Costa has told the inquiry he did not know the Obeids had invested in the company at the time.

As expected Mr Obeid today told the ICAC he did not know about his own family's investment in a company when he was pitching it to Mr Costa, his political ally.

Mr Obeid told the hearing that he is a father of nine and grandfather of 31 and that "they run their own business".

"If I was interested in the material side I wouldn't have come into politics," he said.